Before market open this morning, Capricorn Metals announced that it has entered into a binding agreement with Tempest Minerals to acquire the prospective Yalgoo Project tenement package, located in Western Australia.

As some of that purchase will be funded through a new share issue from Capricorn Metals, shares in the ASX 200 gold stock are down 2% today, trading for $14.48 each.

But it's a different story for the junior resource explorer selling Yalgoo.

Tempest Minerals shares closed yesterday trading for 7 cents and were fetching 10 cents apiece in earlier trade, up 42.9%. After some likely profit taking, at the time of writing, Tempest Minerals shares are changing hands for 9 cents each, up 28.6%.

Here's what's happening.

ASX 200 gold stock expanding its exploration tenements

Capricorn Metals said it considers the Yalgoo Project to be "highly prospective" for gold mineralisation.

The ASX 200 gold stock has identified several target zones for exploration within the project tenure, which it expects could host economic gold deposits.

On the cost front, Capricorn Metals will pay a total of $4.5 million for the project. Capricorn has already paid $100,000 cash and will pay another $400,000 cash on completion of the deal.

The remaining $4 million will be funded via the issue of Capricorn Metals shares. Those will be valued based on the five-day average over the five trading days prior to the completion date.

The Tempest share price looks to be catching some added tailwinds, as the junior ASX miner will retain ownership of the Iron Tenements. Capricorn will have exploration and development rights in respect of all minerals other than iron ore on the Iron Tenements.

Atop the $4.5 million, the ASX 200 gold stock also agreed to make a maximum of three contingent deferred payments of up to $1.5 million linked to exploration success and commercial development decisions.

"The acquisition of the Yalgoo Project continues the expansion of Capricorn's Mt Gibson exploration footprint and adds highly prospective targets very close to the company's recently acquired Golden Range and Fields Find projects," Capricorn Metals CEO Mark Clark said.

Clark added:

This provides Capricorn with an outstanding exploration opportunity with a view to adding meaningful additional ore sources to MGGP and the region. We look forward to commencing active exploration on the project in 2026.

With today's intraday dip factored in, shares in the ASX 200 gold stock remain up 130.6% year to date.

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At the time of writing, the share is trading 38.6% lower at 5.4 cents apiece. It closed the session yesterday at 8.8 cents each.

Sellers are pushing the Tempest share price down following a company announcement made before the open today.

In broad market moves, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) is lifting more than 2% into the green today.

What did Tempest Minerals announce?

The Australian mineral exploration company announced it had completed a downhole electromagnetic (DHEM) survey at the Orion Target in its Meleya Project in Western Australia.

It also advised that it had received initial assay results from drill hole WARDH72 at the Orion Target. The company has previously announced mineralisation at this hole.

DHEM is used to identify and mark out geological formations underground, in the exploration of various sulphide and ore bodies.

Tempest said the DHEM survey was conducted to complement assay results and "further understand the mineral occurrence".

Additional geophysics and drilling are planned during this quarter to follow up on this target and commence exploring other targets in the newly confirmed mineralised belt.

Tempest advised:

Preliminary results from WARDH72 have confirmed the widespread presence of copper and other metals which support the continuation of further aggressive exploration at the project.

The company noted further assay results were due in August 2022 which would "coincide with further data interpretation and additional drill planning at Orion".

In the last 12 months, the Tempest Minerals share price has soared more than 139% into the green.

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Tempest shares finished the day at 8.4 cents apiece, a 265.2% again. In contrast, the S&P/ASX 200 Index (ASX: XJO) closed up a modest 0.08% today.

Let's take a look at what this ASX miner announced.

Significant discovery

Tempest made a "significant discovery" at the Orion target of the Meleya Project in Western Australia.

The company sees the exploration target as one of "Australia's most exciting greenfields base and precious metal exploration opportunities".

The first hole drilled to 709 metres was found to intersect visible copper and semi-massive sulphides.

The company said "multiple mineralisation horizons" were observed in the core, including geology resembling the nearby "world-class" Golden Grove polymetallic mine.

The Meleya project is located in the Yalgoo region of WA, an area that includes many gold and VMS [volcanogenic massive sulphide] projects, including Golden Grove.

A second drill hole is currently reaching a depth of 1,100 metres, more than the first drill hole.

Commenting on the results, managing director Don Smith said:

This is a spectacular outcome. To make a new discovery on our very first hole into an entirely untested region far exceeds our expectations.

The team and I are very excited and just itching to get on with analysing exactly what we have here, do more drilling and continue exploring the hundreds of square kilometres of untested ground along strike we have secured.

Tempest entered a trading halt on 24 March pending the release of the news. In early March, the company informed the market it had doubled the size of land at the Meleya Project.

The drilling project is receiving funding from the WA government's Exploration Incentive Scheme.

Share price snapshot

The Tempest Minerals share price has gained 136% in a year, while it has surged 265% year to date.

For perspective, the S&P/ASX 200 Index (ASX: XJO) index has returned about 9% over the past year.

The company has a market capitalisation of about $33.4 million based on the current share price.

The post Tempest Minerals (ASX:TEM) share price explodes 265% on 'significant discovery' appeared first on The Motley Fool Australia.

They've each gained more than 30% in intraday trade on Monday, with one surging by as much as 239%.

For context, the S&P/ASX 200 Index (ASX: XJO) gained 0.3% today, while the S&P/ASX 200 Resources Index (ASX: XJR) ended 1.61% higher.

So, what's helped send these ASX mining shares shooting for the stars today? Let's take a look.

3 ASX mining shares that took off on Monday

Kalium Lakes Ltd (ASX: KLL)

The Kalium Lakes share price was going gangbusters today, reaching 12 cents at its intraday high – representing a 57.8% gain.

As at Monday's close, the company's stock had slipped slightly to trade at 10.2 cents, still 34.2% higher than it was at the end of Friday's session.

While there's been no recent news out of the potash-focused minerals developer, there have been plenty of headlines regarding its future product.

As the Australian Financial Review reported last week, the world is experiencing a fertiliser shortage.

Russia normally exports around 15% of the world's fertiliser, according to the publication, while ally Belarus is a major source of potash-based fertiliser.

As both have been hit by sanctions amid surging gas prices, fertiliser is becoming rarer and more expensive.

While that might be bad news for food availability, it could provide a boost to the ASX miner's bottom line and help drive its share price higher.

Tempest Minerals Ltd (ASX: TEM)

The Tempest Minerals share price was also on the up-and-up on Monday.

At its highest trading point of the day, shares were swapping hands a whopping 291% higher at 9 cents apiece.

At the market close, Tempest shares had gained 278% to trade at 8.7 cents.

Today's gains come on the back of news the company has struck copper at its Meleya Project's Orion Target.

Its maiden drillhole struck the visible mineralisation. Assays on the find are now pending.

The news saw the company break a 2-session trading halt.

Far East Gold Ltd (ASX: FEG)

The final ASX mining share recording gains of more than 30% on Monday is one that landed on the exchange only hours ago.

The Far East Gold share price reached a high of 32.5 cents on the day of its float, representing a 62.5% gain on its initial public offering (IPO) price of 20 cents.  

While that impressive gain didn't last – the ASX mining share closed trading 27.5% higher at 25.5 cents – it likely left an impression on market watchers.

The junior explorer holds a portfolio of six gold and copper projects located in Queensland and Indonesia.

At its offer price, with approximately 215.82 million shares outstanding, the company had a market capitalisation of $43 million.

As of its first close, the ASX miner holds a valuation of around $55 million.

The post 3 ASX mining shares blasting more than 30% higher today appeared first on The Motley Fool Australia.